Workers' Compensation: NCCI

Showing posts with label NCCI. Show all posts

Thursday, December 12, 2024

The High Cost of Injury

The National Council on Compensation Insurance (NCCI) recently released a comprehensive study examining "mega claims" in workers' compensation insurance. These are claims with reported losses exceeding $2 million, representing a small fraction of total claims but a significant portion of total loss dollars. The study covers accident years 2001-2021, providing valuable insights into trends and patterns within this high-cost category.

NCCI Reports: NJ Among the Top States with COVID-19 Workers' Compensation Claims

The National Council on Compensation Claims, Inc., [NCCI] has reported that the COVID-19 workers' compensation claims in the State of New Jersey number among the highest in the nation.

Workers' compensation claims drop in Louisiana

Today's post is shared from thetowntalk.com

A national group is recommending that Louisiana reduce workers' compensation rates by 5 percent because of fewer workplace claims among other factors.

The Times-Picayune of New Orleans reports that the National Council on Compensation Insurance has filed documents with the Louisiana Department of Insurance saying businesses in the state should pay lower rates because workers' compensation claims declined in 2011.
According to the Louisiana Workforce Commission, employers across the state saw lighter losses in 2010 and 2011.

The NCCI says those improvements can be attributed to a decrease in the number of workplace injuries and a reduction in the average cost per claim.

The NCCI recommends additional cuts in manufacturing by 7 percent, contracting by 5 percent, office and clerical by 6 percent, goods and services by 6 percent and miscellaneous industry groups by about 3 percent.

If the insurance department adopts the lower rates, they would take effect May 14.

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Friday, August 16, 2013

FL Workers' Compensation May Be Going Up

The Office of Insurance Regulation (Office) today announced it has received the National Council on Compensation Insurance (NCCI) annual rate filing for workers’ compensation insurance rates in Florida. The proposed overall rate change is an increase of 1 percent to become effective on January 1, 2014; however, it reflects a cumulative decrease of 55.9 percent in overall rates since the comprehensive legislative reforms passed in 2003.

A careful review and thorough analysis of this rate filing will be performed to evaluate its potential effects on Florida’s workers’ compensation insurance marketplace and employers. The Office anticipates conducting a public hearing in early October 2013 and will provide more detailed information at a later date.

Prior to the 2003 legislative reforms, Florida consistently ranked No. 1 or No. 2 in the country for the highest workers' compensation rates. Following this reform, Florida rates became some of the most competitive in the nation with seven years of significant decreases approved for the annual experience filing submitted by NCCI. This year, however, marks the fourth year in a row of proposed increases in the annual experience filings.

The Office plans to make recommendations to the 2014 Legislature to address cost drivers in the workers’ compensation insurance system.

For more information about the NCCI rate filing, please read NCCI’s statement.

Friday, May 11, 2012

Unsustainable

NCCI, a national workers' compensation rating company, reported yesterday that the workers' compensation industry is in trouble and that "NCCI's current analysis shows that the combined ratios for workers compensation remain at unsustainably high levels, and investment returns are not high enough to generate operating returns near the cost of capital." One on the major soaring costs was reported to be medical costs.

Click here to read the entire report: Complete State of the Line Presentation from AIS 2012

Friday, January 6, 2012

Baby Boomers Have Work Comp Claims Too

A recent study confirms that Baby Boomers are unfortunately not claiming workers' compensation benefits at a higher rate than younger workers. What the report doesn't reveal is that older disabled workers are being shifted to the Social Security system for medical benefits at a higher rate than ever before.

NCCI, with its private data, seems to ignore the fact that cost shifting is still occurring from workers' compensation insurance coverage to the general taxpayer by the utilization of Medicare. Until CMS finally shuts the door once and for all, older workers are going to take the easier path for benefits through Medicare. Medicare leaves the choice of doctors and the number of physicians to the patient.

At this point in time, the few senior workers who do file compensation claims for injuries superimposed on general deteriorating medical conditions, are being denied work comp due to pre-existing conditions and age related deterioration. It "used to be" that workers' compensation "took the worker as they found him (her)," but that has changed through the insurance company initiated legislative efforts in a majority of jurisdictions.

Until such time as the workers' compensation system becomes user friendly to senior workers, those workers will be left out of the compensation system and will not realize the additional benefits of temporary and permanent partial or total disability benefits. Under the current system the senior workers, and the general taxpayer, are the big losers. The system needs to be reversed so that workers' compensation becomes a winning solution to the problem.

Read more about the baby boomers who are working: In a Second Career, Working to Make a Difference
“The concept of retirement is fading,” said Mary S. Bleiberg, ReServe’s executive director. “There is a steady increase in people over 65 going into or staying in the workforce. People are realizing they’re going to be around a lot longer, and there’s a limited number of golf clubs they can swing.”
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